Your Credit Score

by Rene Bekker • 2 MIN • 306 Words

Your Credit Score
Your credit score—a three-digit number lenders use to help them decide how likely it is they'll be repaid on time if they grant you a credit card or loan—is an important factor in your financial life.

The higher your score, the more likely you are to qualify for loans and credit cards at the most favourable terms, which will save you money.
If your credit history is not where you want it to be, you're not alone. Improving your credit score takes time, but the sooner you address the issues that might be dragging it down, the faster your score will go up.
You can increase your credit score by taking several steps, like establishing a track record of paying bills on time and paying off debt.

1. Pay your bills on time
2. Get credit for making utility and cell phone payments on time
3. Pay off debt and keep balances low on credit cards and other revolving credit
4. Apply for and open new credit accounts only as needed
5. Don't close unused credit cards
6. Don't apply for too much new credit, resulting in multiple inquiries
7. Dispute any inaccuracies on your credit reports

Considering how important your credit score is to your overall financial well-being, it's wise to do everything you can to ensure yours is as good as possible. Regularly checking your credit report and credit score are critical steps. When we check your credit score, we'll see a list of specific factors affecting it. Focusing on those factors first is the best way to start improving your credit score.
We can check your credit and advise you on the best way forward or we can do a pre-approval for you to see what kind of financing you would be able to get if you are thinking of buying a property.


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